TransGlobe Energy Corporation Announces Update on Republic of Yemen and Canadian Operations

Jul 15, 2003 - 09 28 ET

CALGARY, ALBERTA--TransGlobe Energy Corporation ("TransGlobe" or 
the "Company") (TSX symbol "TGL"; OTC-BB symbol "TGLEF") is 
pleased to announce a successful field extension well at Tasour 
#10 on Block 32 in the Republic of Yemen and commencement of the 
natural gas exploration drilling program in Canada. 

Block 32, Yemen (13.81% working interest) 

The Tasour #10 well was directionally drilled to test a 
significant western extension of the Tasour field. The Tasour #10 
well found oil in the main Qishn S-1A producing zone. The well 
was placed on production at a rate of approximately 1,200 barrels 
of oil and 3,750 barrels of water per day. This discovery has 
extended the mapped Tasour field length from 3.3 kilometers to 
approximately 6.8 kilometers. The well is connected by pipeline 
to the Tasour Central Production Facility. With the addition of 
Tasour #10, the Tasour field is producing approximately 
20,000Bopd (2,762 Bopd to TransGlobe) with all wells at full 

Additional seismic reprocessing and remapping work is underway to 
select new drilling locations in the Tasour #10 western field 
extension area. It is anticipated the first of these locations 
will commence drilling in Q-4 2003. The Tasour #10 well results 
are expected to increase the reserves assigned to the Tasour 
field. A third party engineering firm will conduct a reserve 
evaluation by year end. 

Block S-1, Yemen (25.0% working interest) 

Engineering evaluation is underway on the An Nagyah light oil 
discovery to determine field reserves and project economics which 
are expected to lead to a commercial development. It is 
anticipated that the evaluation will be completed by September or 
October of this year. 


With record cash flow from Yemen in 2002 and early 2003, the 
Company expanded the Canadian budget to focus on natural gas 
projects. To date, the Company acquired mineral rights on 7,800 
net acres in 2003 and farmed-in on an additional 5,600 (2,900 
net) acres. The Company plans to acquire additional mineral 
rights and is negotiating several farm-in proposals. The majority 
of the land is located in Central Alberta on three main 
prospects, of which two are new focus areas for the Company. 

The Company commenced an initial four well drilling program in 
June, of which three have been drilled to date. The first three 
wells (100% working interest) were cased as potential gas wells 
and are expected to be tested in the next few weeks. The Company 
is planning a second drilling program of six to eight wells to 
commence in August. Successful wells could be on production by 
late 2003 as all the prospects are near existing infrastructure 
and can be accessed year round. 

This release includes certain statements that may be deemed to be 
"forward-looking statements" within the meaning of the US Private 
Securities Litigation Reform Act of 1995. All statements in this 
release, other than statements of historical facts, that address 
future production, reserve potential, exploration drilling, 
exploitation activities and events or developments that the 
Company expects, are forward-looking statements. Although 
TransGlobe believes the expectations expressed in such 
forward-looking statements are based on reasonable assumptions, 
such statements are not guarantees of future performance and 
actual results or developments may differ materially from those 
in the forward-looking statements. Factors that could cause 
actual results to differ materially from those in forward-looking 
statements include oil and gas prices, exploitation and 
exploration successes, continued availability of capital and 
financing, and general economic, market or business conditions. 


Lloyd W. Herrick, Vice President & C.O.O. 



TransGlobe Energy Corporation
Ross Clarkson
President & C.E.O.
(403) 264-9888
(403) 264-9898 (FAX)


TransGlobe Energy Corporation
Lloyd W. Herrick
Vice President & C.O.O.
(403) 264-9888
(403) 264-9898 (FAX)